SODIC signs partnership agreement for 440-acre residential project on the North Coast

SODIC signs partnership agreement for 440-acre residential project on the North Coast

SODIC (Sixth of October Development and Investment Company) announced on Tuesday that it has signed a partnership agreement with Al Safi for Real Estate Development to establish and develop a residential project on two adjacent plots of land with a total area of 440 acres in the North Coast. Under the agreement, the revenues would be shared between the two parties with 27 percent going to the landowner and 73 percent for SODIC with a minimum guarantee, the EGX-listed SODIC said in a statement. The estimated total value of the project is expected to touch 80 billion Egyptian pounds ($2.6 billion). The statement said the project is located on a prime location on the Alexandria-Matrouh road, kilometre 83, with a seafront of over 800 metres, and a kilometre away from its flagship coastal project, Caesar. This partnership is in line with SODIC's strategy to expand its presence in the North Coast, which is one of the fastest-growing areas in Egypt's real estate market. (1 US Dollar = 30.95 Egyptian Pounds) (Writing by Marwa Abo Almajd; Editing by Anoop Menon) ([email protected])